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Compass Financial Advisors

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 View from the Observation Deck  

 Equities ended a strong 2017 lower for the week on light trading volume with the S&P 500 Index notching a 21.8% total return for the year. In 2017, stocks benefited from increased global demand, growth in corporate profits, especially from technology stocks and an accommodative Federal Reserve. In addition, anticipation of lower corporate tax rates and less onerous regulation helped to propel the S&P 500 Index to its ninth consecutive annual gain, including dividends, and best annual gain since 2013.

 Equities ended a strong 2017 lower for the week on light trading volume with the S&P 500 Index notching a 21.8% total return for the year. In 2017, stocks benefited from increased global demand, growth in corporate profits, especially from technology stocks and an accommodative Federal Reserve. In addition, anticipation of lower corporate tax rates and less onerous regulation helped to propel the S&P 500 Index to its ninth consecutive annual gain, including dividends, and best annual gain since 2013.

 Longer-term Treasury prices rose over the course of the holiday-shortened week. The yield on the benchmark U.S. Treasury note finished the year at 2.409%, roughly in line with where it ended 2016 at 2.446%. The yield curve flattened during 2017 as the spread between the two-year and 10-year U.S. Treasury notes narrowed to about 50 basis points, its narrowest level since 2007. In economic news, U.S. consumer confidence fell slightly from November to December according to the Conference Board Consumer Confidence Index.

 Longer-term Treasury prices rose over the course of the holiday-shortened week. The yield on the benchmark U.S. Treasury note finished the year at 2.409%, roughly in line with where it ended 2016 at 2.446%. The yield curve flattened during 2017 as the spread between the two-year and 10-year U.S. Treasury notes narrowed to about 50 basis points, its narrowest level since 2007. In economic news, U.S. consumer confidence fell slightly from November to December according to the Conference Board Consumer Confidence Index.

 The S&P 500 continues its upward trend closing out last week with a 22.23% return year to date. As hot as the equity market has been in 2017, cryptocurreicies have been on investor's front burner for the past few months. Bitcoin reached its all-time high on Monday and then proceeded to drop over 30% through mid-day Friday, closing at a 20% drop for the week. Political news was the main driver of stock moves last week as the Republican led tax cuts boosted optimism on many analysts 2018 outlook.

 The S&P 500 continues its upward trend closing out last week with a 22.23% return year to date. As hot as the equity market has been in 2017, cryptocurreicies have been on investor's front burner for the past few months. Bitcoin reached its all-time high on Monday and then proceeded to drop over 30% through mid-day Friday, closing at a 20% drop for the week. Political news was the main driver of stock moves last week as the Republican led tax cuts boosted optimism on many analysts 2018 outlook.

 Treasury prices dropped moderately over the course of the week as Congress passed a bill to lower taxes on businesses and individuals. If the tax bill were to lead to a widening of the deficit then the federal government would be pushed to increase debt issuance and therefore the supply of treasuries in the market, which would weigh on prices. This also increased growth and inflation expectations including some economists raising GDP expectations, further increasing yields.

 Treasury prices dropped moderately over the course of the week as Congress passed a bill to lower taxes on businesses and individuals. If the tax bill were to lead to a widening of the deficit then the federal government would be pushed to increase debt issuance and therefore the supply of treasuries in the market, which would weigh on prices. This also increased growth and inflation expectations including some economists raising GDP expectations, further increasing yields.

 View from the Observation Deck 

 View from the Observation Deck 

 View from the Observation Deck  

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Securities offered through Harbour Investments, Inc.,
member FINRA/SIPC. http://www.finra.org/
http://www.sipc.org/about-sipc

Investment Advisory Services offered through
Compass Financial Advisors, LLC,
a registered Advisor. 
Compass Financial Advisors, LLC &
Harbour Investments, Inc.
are separate entities.

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